Bitcoin surged past $76,000, setting a new all-time high on the day Kamala Harris conceded to Donald Trump. The milestone reflects growing enthusiasm for Bitcoin amid expectations of supportive policies from the next U.S. president.
Bitcoin Surges to New Heights Post-Trump Victory
Following Donald Trump's triumph in the US presidential elections, the price of Bitcoin soared beyond $76,000, establishing a new all-time high.
Earlier in the day, the flagship cryptocurrency had rallied to $75,000 as well. In the wake of Democratic presidential hopeful Kamala Harris's concession to Trump, this rally recently surpassed $76,000, Coingape shares.
Given that this development practically ensures Trump's election as the next US president, the market appears to be pricing it in. Since Kamala will be certifying the presidential election results in her role as US Vice President, her concession is primarily noteworthy.
Market Confidence Grows as Kamala Harris Concedes
Since her concession suggests that she will gracefully certify the outcome when the time comes, the Bitcoin price is expected to rise as it heralds the historic inauguration of the first US president who is pro-Bitcoin.
Since we are now in the midst of the bull run, the flagship cryptocurrency is anticipated to continue reaching new heights in the future. The cryptocurrency is also unlikely to ever recover to its levels before the election, according to a CoinGape analysis of Bitcoin predictions.
Additionally, the flagship cryptocurrency has a perfect track record of staying above its price on US election day and the days after the results.
Analysts See $100,000 Bitcoin Price Before Inauguration
In light of Donald Trump's pro-crypto campaign promises, several experts have speculated that the price of Bitcoin could hit $100,000 before his inauguration, according to CNBC. Among the campaign promises made by the US president-elect was the immediate removal of US SEC Chair Gary Gensler and the creation of a national Bitcoin reserve.
The US government has amassed $15.83 billion worth of Bitcoin through seizures, and Trump has pledged to use this asset to create a reserve. But there's cause to think the Trump administration could take things a step further by actively buying more Bitcoin.
Support from Congress for Strategic Bitcoin Reserve
Republican Senator Cynthia Lummis, who is an advocate for cryptocurrency, has introduced a measure to establish a scheme where the US government will manually acquire 200,000 BTC over a period of five years.
Crypto enthusiasts should rest easy knowing that Senator Cynthia Lummis will ensure the implementation of the strategic Bitcoin reserve.
Federal Reserve Rate Cut Could Boost Bitcoin Further
With the inauguration of Donald Trump set for January 20, there is plenty of time for the price of Bitcoin to reach this $100,000 goal.
Not to add, tomorrow, the US Federal Reserve is expected to announce a 25 basis point (bps) rate decrease, which would further boost the positive trend for the flagship cryptocurrency.